It looks like MS might be listening again, clicten is researching adding targets to msbuild to produce 1.1 framework code. He's gauging interest, so go, tell him you're interested. Why is this important? Well I've discovered resistance in a certain type of customer to introducing nant, because of the gpl and concerns around its use. Regardless of the correctness of the concerns an offical Microsoft supported solution would solve a lot of problems and allow me to introduce daily builds without ugly hacks.
None of this should take away from Robert McLaw's work on the MSBuild Toolkit for 2005, which does introduce targetting of 1.0 and 1.1 and Visual Studio plug in goodness. He's even offered his code up to the msbuild team. Cool.